Kopernik Global Investors, LLC

CIK 0001599814 · Q2 2026

13F Equity AUM

$1.6B

+14.0% QoQ

Positions

-1 QoQ

AUM Rank

#1,775

Top 20%

Skill Alpha (FF)

+5.0%/yr^ns

No Clear Edge

Rank #733 · Top 9%

vs S&P +1.1%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 54.5%Top 10: 75.7%Top 20: 98.5%

RRC15.0%

SEABRIDGE GOLD INC11.9%

EXE9.6%

KT9.6%

NTR8.4%

WY5.5%

CNXC4.4%

RYN4.3%

NAK3.8%

CD83.3%

Others (20)24.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy24.6%

Basic Materials23.3%

Unclassified11.9%

Communication Services11.5%

Technology10.1%

Real Estate9.8%

Industrials3.4%

Financial Services2.7%

Other2.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 30Median: 2.41%Avg: 3.33%

0–0.5%

9(0.9%)

0.5–1%

1(0.6%)

1–3%

9(19.6%)

3–5%

5(18.8%)

5%+

6(60.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 30vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New3Increased16Decreased6Exited4

New Positions

SEABRIDGE GOLD INC11.9%

+7.6M

EPAM2.0%

+403K

MOS1.4%

+1.1M

Increased

KT9.6%

+3.7M(+70%)

RRC15.0%

+2.4M(+57%)

WY5.5%

+1.9M(+97%)

CNXC4.4%

+1.5M(+95%)

ITH2.3%

+1.1M(+6%)

RYN4.3%

+1.1M(+49%)

EXE9.6%

+910K(+112%)

NTR8.4%

+762K(+53%)

CMCSA1.9%

+629K(+97%)

NG2.5%

+386K(+6%)

Decreased

BEN2.7%

-2,202,016(-63%)

CNC2.5%

-1,870,390(-74%)

IE0.6%

-750,200(-42%)

NAK3.8%

-477,454(-1%)

B0.3%

-425,585(-76%)

IRS0.1%

-3(0%)

Exited

SEA

-7,332,863

MOH

-291,941

HUM

-113,385

-277,612

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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